Tuesday, July 16, 2013

More Physicians Close Their Practices

CNN Money reported today on the growing trend of American physicians selling
their practice to hospitals. According to the article, private practice
purchases by hospitals rose 30 to 40 percent since 2008.

The reasons behind a physician’s decision to sell include increasingly burdensome red tape and bureaucracy, shrinking Medicare payments, and the promise of even
more regulations once the Patient Protection and Affordable Care Act (PPACA) is completely
rolled out. CNN Money reported, “Doctors are tired of the hassle of filing
insurance claims and collecting payments from patients and want to only focus
on medicine again … [The PPACA] has also created more fear of the unknown.
Doctors are worried that new regulations will add to their administrative work
and require them to pour more money into their businesses.”

"We have a joke that there are two kinds of private
practices left in America,” Montana oncologist Patrick Cobb, MD, told CNN. “Those
that sold to hospitals and those that are about to be sold."

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